Property News · August 2, 2018

Countrywide shares plunge 70% after emergency cash call


Struggling estate agent shocks City with larger than expected bid in effort to reduce debtShares in the struggling estate agent Countrywidehave plunged by more than 70% after it launched an emergency £140m fundraising bid to reduce the company’s towering debt.The UK’s biggest independent agency, which operates under about 50 brand names including Hamptons International and Bairstow Eves, shocked the City with a larger than expected cash call, which follows four profit warnings in eight months. It is offering new shares to existing investors at an 80% discount on the existing price. Continue reading…

Source : theguardian.com
Read more…Countrywide shares plunge 70% after emergency cash call

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